Emerging market countries are working on ways to contribute money rapidly to expand the effective firepower of the International Monetary Fund, with the aim of increasing its role in combating the eurozone sovereign debt crisis. The FT reports.

Emerging market countries are working on ways to contribute money rapidly to expand the effective firepower of the International Monetary Fund, with the aim of increasing its role in combating the eurozone sovereign debt crisis. The FT reports.

The public sector has borne the brunt of the Greek bailout to date, and the private sector must start making a greater contribution, Angel Gurria, Secretary-General of the Organization for Economic Co-Operation and Development (OECD), told CNBC Thursday. The IMF, or International Monetary Fund, is an intergovernmental agency that works to keep exchange rates and the international system of payments stable.To help solve Europe's sovereign debt crisis, a special organization was set up in 2010 called the European Financial Stability Facility, or EFSF. So what is it and how does it work? CNBC explains.

Slovakia will most probably cave in to international pressure and vote for the expansion of the euro zone's bailout fund, but the previous rejection should serve as a lesson, analysts told CNBC.com Wednesday.

People are often biased by their immediate surroundings, to the extent that it crowds out other relevant thinking. We econometricians suffer from this; we are constantly trying to counter effectively the bigger influence of more recent data on results

The UK’s central bank, the Bank of England, is expected to hold interest rates at their current level of 0.5 percent on Thursday as the global economic crisis appeared to worsen and the International Monetary Fund warned that a second global recession could not be ruled out.

Bank of France Governor Christian Noyer has been met with skepticism over her insistence on Wednesday that French banks are generally in good health and that the French central bank — as well as Belgium's — would back troubled lender Dexia in order to ensure it has enough liquidity.

The euro zone was launched on a wing and a prayer. The wing has fallen off and the deities are not listening to prayers. Everyone focuses on averting a crash. But it is as vital to ask how to fly securely, the FT reports.

European Central Bank member Christian Noyer said on Monday it is unrealistic to expect an increase in Europe's bailout fund beyond what was agreed in July, but that he is open to schemes that would allow leveraging to expand capacity.